Assume that Lakamuun joint is a monopolist that produces plates of TZ at Konongo has the…

Assume that Lakamuun joint is a monopolist that produces plates of TZ at Konongo

has the following average cost functions

If the demand function is given by:

i. Set up the profit maximizing problem of the firm

ii. Compute the output-price combination that maximizes the profit of the firm

iii. What is the maximum profit

iv. Explain extensively if the firm should or should not continue product in the short run.

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